Multifamily Property with Newer
For Sale
$189,000
Pending
538 Maple Ave, Reidsville, NC 27320
Fully rented property with long-term tenants, LVP flooring, and a roof less than 10 years old.
Property Size1,819 SF
Days on Market375
Property Features for 538 Maple Ave
General Information
Standard status
Pending
Size
1,819 SF
Property subtype
Residential Income
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$2,259
Listing Agency:
K2 Real Estate Group
(704) 962-0868
Listed By:
Olga Leggett · License #234194
(704) 962-0868
Source:
Exprealty
Added: Aug 16, 2025
Changed: Aug 20
Last Checked: Aug 24 at 11:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of K2 Real Estate Group
Investment Insights
Based on property information with market context.
Located at 538 Maple Ave in Reidsville, NC, this multifamily property is fully rented and occupied by long-term tenants. Interior improvements include LVP flooring and a newer HVAC system, while the roof is less than 10 years old.
The property combines established occupancy with several documented updates, including the flooring, HVAC, and roof. These features provide a straightforward physical profile for continued residential income use.
The property combines established occupancy with several documented updates, including the flooring, HVAC, and roof. These features provide a straightforward physical profile for continued residential income use.
Key Highlights
- Fully rented with long‑term tenants
- Roof is less than 10 years old
- Newer HVAC system
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,154
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$303,080
$303.1K
Cap Rate 7%
$216,486
$216.5K
Cap Rate 9%
$168,378
$168.4K
Market Conditions
NOI Build-Up for 1,819 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.5K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.6K $15.15/SF
− OpEx
−$12.4K −$6.82/SF
NOI
$15.2K $8.33/SF
Area
Rockingham County, NC
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$303,080
Cap Rate 7%
$216,486
Cap Rate 9%
$168,378
Alternative Uses
Best Use
Apartment 5plus
$216.5K
$189.4K – $252.6K
NOI $15,154 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$599.7K
$524.8K – $699.7K
NOI $41,980 @ 7.0% cap · market cap 22.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 27320, NC
37,843
Population
17,876
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
244.9 sq mi
ZIP Area
155
Density / Sq Mi
$55,491
Median Household Income
$37,258
Median Earnings
$776
Median Rent
$170,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Fully rented property with long-term tenants, LVP flooring, and a roof less than 10 years old.
Where is this multifamily property located?
The property is located at 538 Maple Ave Reidsville, NC.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: Fully rented with long‑term tenants; Roof is less than 10 years old; Newer HVAC system
